Chinese property developer Ronshine misses payment on SGX-listed US$316 million bond
Wong Pei Ting
CHINESE property developer Ronshine China Holdings has yet again missed the payment for its Singapore-listed 8.1 per cent senior notes due 2023.
The notes, with a principal amount of US$316 million, matured on Friday (Jun 9).
The outstanding amount is US$328.8 million, including the bond’s accrued and unpaid interest.
This marks the latest in a series of defaults on offshore debt obligations by China’s property sector, first highlighted by China Evergrande Group, once the country’s top-selling developer but now the world’s most indebted property company.
Ronshine last defaulted on paying out its July 2019-issued notes, which carried a coupon rate of 8.95 per cent, in January. The principal amount and accrued and unpaid interest totalling US$431.5 million was due and payable on Jan 22.
In the bourse filing on Friday, Ronshine – which is based in Fuzhou – said it will actively engage with its creditors and seek a solution to the latest debt.
The group will also maintain stable project operation and its efforts on enhancing sales and cash collection, to do its best to protect the interest of all stakeholders, it added.
If the company cannot agree on a consensual solution to the corresponding indebtedness with creditors in a timely manner, it may result in the relevant creditors demanding accelerated repayment of the obligations of the relevant debts, or taking enforcement actions, it noted.
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